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- Bitcoin experiences a sudden drop below $28K.
- Additionally, altcoins are also encountering a downward trend.
According to reports from yesterday, Bitcoin experienced a decline of over 3% within just 15 minutes, causing the cryptocurrency to fall beneath the $30,000 mark. This price drop affected market sentiment, and approximately $100 million worth of bitcoins were liquidated on Binance. On Thursday, the European Parliament approved a cryptocurrency legislation, which was seen as a positive development for the market. Nevertheless, Bitcoin did not witness a price increase as it had previously.
Bitcoin Price Chart (Source: CoinMarketCap)
Cryptocurrency Movements In The Market
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Several other altcoins, such as Ethereum (ETH), Polygon (MATIC), and Dogecoin (DOGE), began to decline by around 5% during this period. This Friday, compared to the previous 24 hours, BTC has decreased for the third consecutive day with a 3% drop, reaching $28,000. The well-known bitcoin has lost nearly 10% over the past week, while the second most popular cryptocurrency, ETH, has seen a significant decline of 8%.
The United States Securities and Exchange Commission (U.S. SEC) has become involved regarding the advisers and investors in the crypto space. Specifically, the SEC advises crypto enthusiasts to take precautions for the safety of digital assets. The release of the staff bulletin outlined the responsibilities and obligations that advisers have towards their clients.
Currently, Coinbase is pursuing a license in Bermuda to broaden its global operations. This move follows a statement from Brian Armstrong, the CEO of Coinbase, who indicated at an event that he would consider leaving Coinbase U.S. if regulatory pressures on crypto increase. Should this occur, it could lead to a bearish trend among cryptocurrencies, including BTC, ETH, and others.
According to CoinMarketCap, the current price of BTC stands at $27,812.23, reflecting a 10.79% decrease in trading volume over the last 24 hours.
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